ST. PAUL, Minn. -- After 57 years in business, outdoor retailer Gander Mountain announced on its website that it is going out of business. But the CEO of the company that purchased its assets says otherwise.
According to its website, the company was acquired by Camping World Holdings last week.
In March, Gander Mountain filed for voluntary Chapter 11 Bankruptcy and announced plans to close 32 stores.
The chain said its remaining 126 stores are now having liquidation sales, and that gift cards will be accepted only until May 18.
On Sunday Marcus Lemonis, CEO of Camping World, posted a video to Twitter responding to the closure reports, and also responded to tweets from Gander employees about the fate of certain stores.
The businessman and CNBC host said that that under the terms of the sale of Gander Mountain's assets, Camping World purchased the intellectual property, the brand and the rights to all of the leases of Gander's stores.
"What we did not buy is the inventory that is in all of the stores and the distribution centers. The liquidators bought that," he said.
He added that the liquidators have the right to sell all of the merchandise inside Gander Mountain stores to allow them to recoup their money.
However, Lemonis said that that doesn't mean that all the stores will be closing.
Lemonis said after all the stores are evaluated, and after the inventory is liquidated, that new merchandise would be purchased for locations that will remain open.
"Today we control all 160 leases, but it is my estimation that we are going to end up having around 70 to 75 stores -- if rent gets a little bit better maybe more than that," he said.
Lemonis said he will continue to Tweet out locations that will stay and which ones will go.
But Lemonis stressed that he would not be picking stores to reopen that do not have a clear path to profitability.
"I will not do that under any circumstance," he said.
Lemonis added that the feedback he's received from Gander employees has helped him during this process.
"What I'm learning this week, particularly this weekend, is that the heart and soul of this company really resides in the people that work in the stores. The people who are very concerned about what is happening and I hear you," he said.